S&P Global Ratings affirmed its 'A+' underlying rating (SPUR) on the Louisiana Public Facilities Authority's series 2007 revenue refunding bonds issued on behalf of the Department of Public Safety and Corrections of the State of Louisiana. The outlook is stable. The 'A+' rating reflects our view of: The revenue stream's broad-based nature and ability to produce maximum annual debt service (MADS) coverage over 2x; A substantial decrease in debt service beginning in 2020 and lack of additional plans to leverage the pledged revenue stream, which will result in the maintenance of strong coverage; and Good legal provisions. Partly offsetting the above strengths, in our view, are the historical volatility of the pledged revenue stream and Louisiana's somewhat stagnant economy that
